How to withdraw money from Trust Wallet without Binance

How to withdraw money from Trust Wallet without Binance

Robert McDougall 

January 9, 2024

Cryptocurrency

Trust Wallet is a mobile cryptocurrency wallet that provides a secure and decentralized platform for users to manage and store their crypto assets. Owned by Binance, Trust Wallet has gained popularity among crypto investors due to its intuitive interface and high level of protection. It employs advanced security measures, such as private key encryption and biometric authentication, and access to a wide range of cryptocurrencies and dApps directly from their phone.

Trust Wallet is safe and convenient to use, but you may be wondering how you withdraw money to your bank account. It isn't possible to directly withdraw money from Trust Wallet to your bank account, but there is a simple solution. 

How do I get my money out of Trust Wallet?

Trust Wallet stores and sends cryptocurrencies, not fiat currencies, therefore you cannot withdraw money directly to your bank account. To withdraw your money from Trust Wallet you need to send your coins to a crypto exchange, sell your crypto there, and then withdraw money to your bank account.

The process is easier than it sounds, and I have created this guide with screenshots along every step of the way. This is a summary of the steps involved, and if you continue reading you will see the detailed explanation.

Step 1: Choose a crypto exchange

Step 2: Sign up and verify your account

Step 3: Generate a crypto wallet address in Kraken

Step 4: Send crypto from Trust Wallet to Kraken

Step 5: Sell crypto for fiat currency 

Step 6: Withdraw money to your bank account

Step 1 - Choose a crypto exchange

To start off, you will need to choose a cryptocurrency exchange that allows for the sale of crypto, and withdrawal of fiat currency. Besides this capability, you also need to ensure it is a legitimate, secure, and easy-to-use site. Other websites suggest using Binance to withdraw, but since Binance is not available in every country, eg: the USA, I prefer to withdraw money from Trust Wallet without Binance. I have researched dozens of crypto exchanges, and Kraken is my #1 choice as it ticks all the boxes. 

I will use my Kraken account (read review) to assist in withdrawing money from Trust Wallet. If you want to follow along easily, I suggest you sign up to Kraken too, as my screenshots in this guide are all from Kraken. If you want to consider other platforms, see my list of the top 3 below, or read my article on the best crypto exchanges. However, remember that not all crypto platforms allow fiat withdrawals, so be sure to check this capability before signing up.

Top 3 Recommendations

#1

Kraken

   Best Overall  

Rating

4.9

#2

Uphold

Wide Range of Assets

Rating

4.6

#3

eToro

Easy to Use App

Rating

4.4

Step 2 - Sign up and verify your account

When you have selected your crypto exchange, create an account. In this guide, I will show you how to sign up using Kraken. Click this link to go to the official Kraken website: https://www.kraken.com/ 

When you are re-directed to Kraken's site, click 'Create Account' in the top right corner, which will take you to a page like the one below. Type in your email, create a username and password, fill out the remaining details, then create your account.

After you create your account on Kraken, the verification process will begin. To send crypto from Trust Wallet to Kraken, you need at least 'Intermediate' level verification. It will not take long to verify your personal details and identity. 

If for some reason you were not taken through the verification process automatically, you can begin this yourself by clicking your name in the top right corner of the site. Click 'Get Verified', then follow the prompts to begin verification.

Step 3 - Generate a crypto wallet address in Kraken

Once you have finished verification, you will be able to send crypto from Trust Wallet to Kraken. Before you can receive crypto, you will need to generate a wallet address for the cryptocurrency you wish to send from Trust Wallet. 

Click 'Funding' in the menu (red circle below), and then click 'Deposit' (see yellow circle). A search bar will appear, and you can type in the cryptocurrency you want to receive in Kraken, then select it from the list. In my example here, I will use USDT (Tether).

After you select your coin, you will be taken to the deposit screen (like the one below). If you want to send USDT from Trust Wallet to Kraken, ensure you choose the correct deposit method (eg: ERC20, TRC20, Polygon). 

Then click 'Generate deposit address' which will give you a brand new wallet address for that coin. You will see the address as a long sequence of letters and numbers (covered by blue rectangle below). You can copy this by clicking the Copy icon (blue arrow). You will also notice a QR code below. When you use Trust Wallet, as it is a mobile app, it is easiest to simply scan the QR code to get the wallet address.

Step 4 - Send crypto from Trust Wallet to Kraken

Sign into Trust Wallet on your mobile, and you will see a list of your cryptocurrencies under 'Tokens'. Click on the cryptocurrency you want to send to Kraken. In my case, it is USDT (ERC20).

You will see the amount of your cryptocurrency, as well as a few options on what to do with your crypto. Since I want to withdraw crypto to Kraken, click on the 'Send' button.

You will see two fields here. First is the crypto wallet address where you want to send your crypto. This is the Kraken address you created above. If you are using Kraken on your phone, you can easily copy and paste the address across. However, if you are using Kraken on your computer, click the Scan icon (see red arrow below), which will activate your camera on your phone. Use it to scan the QR code in Kraken from Step 3. 

Once the wallet address is there, you can fill out the second field, which is the amount of crypto you would like to transfer. Either type in a number, or click 'MAX' to send all of it to Kraken.

Follow any final prompts to confirm the transaction, and your crypto will be sent from Trust Wallet to Kraken.

Step 5 - Sell crypto for fiat currency

After making the transfer, you may need to wait some time for your crypto to be received in Kraken. The transfer time for cryptocurrencies varies, so be patient, as it may take up to half an hour or longer. 

In your Kraken account, you can check to see whether your crypto has been received by clicking on 'Funding' in the menu at the top of the exchange. Scroll down to your list of Crypto Assets, and if it has arrived, you will see it there.

In my screenshot below, you can see that USDT has been transferred to my Kraken account. The next step is to sell your crypto for fiat currency.

To sell your crypto, it may seem counterintuitive, but in Kraken, click on the 'Buy Crypto' button, at the top of the site. Now your screen should look like the screenshot below. Click on 'Sell' to start the process of converting your crypto to fiat.

Choose how much of your crypto you want to sell. You can type an amount, or select a percentage (25%, 50%, 75%, or maximum) if you prefer. In this example, I will sell the total amount of 500 USDT. When you are ready, click 'Review'.

A confirmation screen appears, and you can check the fees, sale price, and the amount of fiat you will receive. Once you have checked that it's all correct, click 'Confirm'.

Your crypto will be sold instantly; there is no need to wait for someone to take your order. Kraken has filled that request for you, so you will see your fiat currency in your Kraken account immediately.

Step 6 - Withdraw money to your bank account

To withdraw your money to your bank account, click on 'Funding' in the top menu, and find your account balances. You will see the fiat currency that you wish to withdraw. In this example, I'm withdrawing USD. Click on the Withdraw icon (see red arrow below).

You will be taken to the withdrawal screen. You can choose your preferred method of withdrawal from the dropdown box. Then click 'Continue' to add your bank account details. After this has been done, you can withdraw your money to your bank account. 

The withdrawal time will depend on your fiat currency and method of withdrawal. It can range from near instant, up to 5 business days. 

Congratulations, you have successfully withdrawn your money from Trust Wallet to your bank account, with the help of Kraken! 

If you found any of the steps confusing, you can contact Kraken on 24/7 live chat. They will be able to assist you and walk you through the process of how to receive crypto, sell it, and withdraw money to your bank account.

Frequently Asked Questions

How do I get my money out of Trust Wallet?

To withdraw money from Trust Wallet to your bank account, you will need to send your crypto to another crypto exchange, like Kraken. Sell your crypto on Kraken, then withdraw money to your bank account.

Can I withdraw from Trust Wallet to my bank account?

It is not possible to withdraw fiat currency from Trust Wallet. You can only withdraw crypto from Trust Wallet. To get your money from Trust Wallet to your bank account, you need to send your crypto to an exchange like Kraken, sell your crypto there, then withdraw money to your bank account.

How do I transfer money from Trust Wallet app to bank account?

To transfer money from Trust Wallet to your bank account, follow the steps in this article. You will need to send your crypto to a crypto exchange like Kraken, sell your crypto there, then withdraw your money to your bank account.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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